Report published September 1, 2026
Europe Retail: Retail Matters – Adidas and On Lead a Bifurcated Sportswear Market (Goldman Sachs)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Richard Edwards (Analyst), Ben Williams (Analyst), Hamish Bogdan (Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs' monthly Retail Matters report analyzes high-frequency alternative data across European retail, finding continued outperformance by Adidas, On, Vinted, and Next amid worsening declines for Chinese aggregators. Goldman Sachs maintains Buy ratings on Inditex, Next, On, and Zalando, and Sell ratings on ABF and H&M.
Key Takeaways
- 1.Sportswear demand remains bifurcated, with Adidas and On outperforming in web traffic and purchase intent while Nike's metrics and China growth soften.
- 2.Chinese aggregator app MAUs in Europe are deteriorating at an accelerating pace, while Vinted continues strong growth and tops H&M and Inditex in global web traffic.
- 3.Zara and H&M maintain robust worldwide web traffic growth, though global app MAU growth turned negative YoY for both brands.
Table of Contents
- Sportswear
- Apparel
- Online
- Valuation
- Disclosure Appendix
Report data
Exhibit 1: NPI for the major sportswear brands remained bifurcated in July with Adidas leading — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Adidas Price Target | 180.0 EUR | Neutral rated with last price of €151.4 |
| Inditex Price Target | 61.0 EUR | Buy rated with last price of €58.0 |
| Next Price Target | 17300 GBp | Buy rated with last price of 15,575p |
| ON Holding Price Target | 42.0 USD | Buy rated with last price of $28.5 |
| Zalando Price Target | 44.0 EUR | Buy rated with last price of €24.7 |
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Authors / Editors
Reported Data Context
- Adidas Price Target: 180.0 EUR (12-month forward) · Source: Goldman Sachs Global Investment Research
- Inditex Price Target: 61.0 EUR (12-month forward) · Source: Goldman Sachs Global Investment Research
- Next Price Target: 17300 GBp (12-month forward) · Source: Goldman Sachs Global Investment Research
- ON Holding Price Target: 42.0 USD (12-month forward) · Source: Goldman Sachs Global Investment Research
- Zalando Price Target: 44.0 EUR (12-month forward) · Source: Goldman Sachs Global Investment Research
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